Protect Your Company Against Payment Fraud

Author: Mary Schaeffer

CPE Credit:  2 hours for CPAs

The crooks are getting smarter. Quite a few understand the banking system and the Internet better than we do. They know the ins and outs and where it is weak. And, they do their research. Many professionals think payment fraud could never happen to their organizations. Unfortunately, the numbers tell a different story. Eventually, every single organization will come into the spotlight of one or more crooks. Without the proper precautions, the fraudsters will succeed. Complicating the issue is the fact that whether we like to admit it or not, the risk is both internal and external.

Alas, the rules continually change as crooks adjust to the fraud protections developed by the business community and find new ways to get their hands on your money. Has your organization taken all the steps it needs to protect itself? Has your strategy been reviewed within the last 12 months? In this session, we’ll address the newest electronic frauds and the protections every organization needs along with reviewing the tactics needed to protect against older types of fraud.

Publication Date: March 2019

Designed For
Accountants, controllers, accounting managers, auditors (internal and external), Treasurers, CFOs, CEOs, accounts payable professionals, payroll professionals, procure-to-pay professionals, and travel managers.

Topics Covered

  • Introduction-Protect Your Company Against Payment Fraud
  • Fraud Is Getting Bizarre
  • Password Advice: Changing Philosophy
  • More Password Advice from IRS
  • How Fraud Hurts
  • How Common is Fraud
  • Size Doesn't Really Matter
  • Seven Big Myths
  • Poor AP Practices that Enable Fraudsters
  • Payment Fraud: What Kind
  • The Ugly Truth
  • Background: Paper Checks
  • Pre‐Printed Check Stock
  • Check Fraud: What Works & What Doesn't
  • Positive Pay
  • Some Check Stock Safety Features: At Least 3
  • Check Fraud: Prevention
  • One Last Control
  • P‐cards
  • Cardholder Agreement
  • P‐card Fraud: Prevention & Detection
  • The New Problem
  • Are Companies Using Enough Controls?
  • A Word about Training
  • Electronic payments
  • Perpetrators of Fraud
  • The Elephant in the Room: Internal Fraud
  • Some Data from PwC
  • What's Going on Here???
  • Wire Transfers
  • Definition/Difference from ACH
  • Traditional Wire Fraud Protection
  • New Wire Fraud: BEC
  • Decimate This Fraud: ALWAYS!!!!!
  • Targeted for Rush Wire Fraud
  • More on e‐Mail Addresses
  • More Data on BEC Fraud
  • Who Is Typically Targeted
  • Financial Losses
  • The Newest Variant
  • Real Life: Barbie and GI Joe
  • How Are Companies Protecting Themselves
  • The W‐9 File
  • New Best Practice
  • According to Kroll
  • This Year's New Targets
  • What To Do, if Targeted
  • What You Can Do
  • Basics: ACH Credits & Debits
  • Consumers vs. Businesses: Big Difference
  • Real Life Stories
  • How Different Types of ACH Fraud Work
  • Frequency of Vendor Impersonation Fraud
  • Older Types of ACH Fraud
  • Types of Fraud
  • Why Can't You Get the $$ Back?
  • Who Are These "Money Mules"
  • Today's Reality
  • About Bank Products
  • Tools to Combat ACH Fraud
  • A Few ACH Fraud Prevention Products offered by Banks
  • New Prevention/Detection Tools Emerging
  • Controls used to Protect Against ACH Fraud
  • Steps to Protect Your Organization Against ACH Fraud
  • Advise from FBI: Preventing Man‐in‐the‐Middle Frauds
  • Steps to Protect Your Organization
  • Petty Cash Worst Practices

Learning Objectives

  • Identify how new electronic payment frauds work and how to protect your organization
  • Identify the types of payment frauds likely to impact your organization
  • Differentiate seven common myths that often lull an organization into thinking they don't have to take action against payment fraud
  • Differentiate fraud protection products offered by the banking community
  • Describe the proper controls within your organization so you can stop employee fraud
  • Recognize how to create a p-card program that will make potential employee fraud almost negligible
  • Identify how to use proper procedures when utilizing payee name positive pay so it provides the most protection
  • Recognize how to implement best practices are for preventing and detecting p-card, check and ACH fraud
  • Differentiate types of fraud and the characteristics
  • Identify the best action to take when a vendor currently being paid by ACH requests a bank account change via email
  • Describe the "man-in-the-email" fraud scheme
  • Identify and apply IRS password advice
  • Differentiate between ACH and wire transfers

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
None

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $55.00

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